Young Americans Are Saving For Retirement Sooner
Need some good news about American retirement?
A recent survey by the Transamerica Center for Retirement Studies looked at how retirement savings behaviors and expectations have evolved during the Covid-19 pandemic.
Some of its findings were grim. Six in 10 respondents said they were concerned about their mental and physical health while the median respondent had just $5,000 in emergency savings.
Yet there were also glimmers of hope. More than 80% of respondents saved for retirement during the pandemic, in either employer-sponsored plans or individual retirement accounts (IRAs). Younger respondents—millennials and members of Generation Z—started saving much earlier than their parents, which means their assets will have more time to grow.
“People are doing an admirable job,” said Catherine Collinson, president and CEO of the Transamerica Center for Retirement Studies. “With everything that they’ve had to face, it’s very impressive people are still planning about their future.”
Read more @Forbes
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